Blockchain witnessed a never-seen-before initial coin offerings (ICOs) amassing over $750 million, and it does seem to be glooming anytime soon--rather the future looks brighter. Not just that: Blockchain technology is revolutionizing every other industry in the world.
The general consensus that finance, banking, and real estate are the ones that see an upward curve is mostly true. But, industries like social media, education, and security are also being disrupted by the blockchain-powered startups. Blockchain tech has an inherent connection to cybersecurity. Blockchain technologies are, after all, the culmination of decades of research and breakthroughs in cryptography and security. Because it offers a totally different approach to storing information, making transactions, operating functions, and establishing trust making Blockchain technology for industries with high-security requirements.
With this path-breaking technology Blockchain has steadily grown over the last eight years in value--albeit experiencing ups and downs. This is the reason the some of the largest corporations like Lockheed Martin had decided to bet on blockchain for cybersecurity. In addition to this, other innovative companies have also been exploring the pros and cons of implementing the blockchain technology.
Real time detection and mitigation
Guardtime, a data security startup that relies heavily on sensitive records has used blockchain technology to secure sensitive record. The company has used its Keyless Signature Infrastructure (KSI) instead of the traditional Public Key Infrastructure (PKI), which uses asymmetric encryption and a cache of public keys maintained by a centralized Certificate Authority (CA). Guardtime grew instantly and at a rapid pace--recently it reached a milestone of securing all of 1 million Estonian health records.
Making passwords obsolete
With REMME’s blockchain, businesses can do away with passwords--which are a vulnerable form of authentication. Instead the new authentication method, where human intervention is completely not needed, eliminates the potential attack vector. The present centralized architecture are a big weakness of traditional systems. All the investment and efforts go down the drain when passwords are leaked or cracked from hackers. This is when Blockchain pitches in and takes the responsibility for strong authentication.
Blockchain technologies are here to stay. It is probably going to help us protect as individuals, companies and governments. Even the pentagon already thinks the blockchain technology can be used as cybersecurity shield. Bitcoin and its underlying blockchain have proved to be resilient, and the numerous new blockchain technologies offer even more promise in terms of extensibility and robustness, especially in the field of security.